MarketBreakdown | GBPUSD, USDCAD, USDCHF, EURNZD

29 Apr

https://www.tradingview.com/x/MnEJ7DC7/

Here are the updates & outlook for multiple instruments in my watch list.

1️⃣ #GBPUSD daily time frame 🇬🇧🇺🇸

The market is trading in a bearish trend on a daily.
After the price updated the low, we see quite an extended correctional movement.

The pair is currently approaching a key horizontal resistance.
The next bearish wave may initiate from the underlined structure.

2️⃣ #USDCAD daily time frame 🇺🇸🇨🇦

Trading in a strong bullish trend, the price formed a falling wedge pattern.
We see a test of a key support at the moment.
Our strong bullish confirmation will be a bullish breakout of the resistance of the
wedge and a candle close above.

It may trigger a strong bullish reaction.

3️⃣ #USDCHF daily time frame 🇺🇸🇨🇭

The pair is trading in a strong bullish trend within a huge rising wedge pattern.
The price is currently stuck around a key horizontal daily resistance.

Its bullish breakout will be our strong confirmation to buy.

4️⃣#EURNZD daily time frame 🇪🇺🇳🇿

The price formed a head and shoulders pattern.
We see a breakout attempt of its neckline at the moment.

A daily candle close below that will give us a strong bearish signal.
A bearish movement will most likely continue then.

Do you agree with my market breakdown?

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